CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has taken the first formal step towards a new rulemaking on credit card late fees by issuing an Advance Notice of Proposed Rulemaking (ANPR). Comments on the ANPR must be received by July 22, 2022.
The issuance of the ANPR follows the CFPB’s release of a report on late fees in March 2022. … Continue Reading
The CFPB has sent letters to the chief executive officers of six major credit card issuers regarding their companies’ payment furnishing practices.
In the letters, the CFPB cites a 2020 report in which it provided data showing a decline in the share of credit card tradelines containing actual payment data since 2012. … Continue Reading
Increasing regulatory, competitive and economic challenges are causing a new focus on credit cards by medium and smaller-sized financial institutions. We are joined by Robert Curry, Managing Partner and Chief Business Officer of Bassett Capital Group, LLC, an expert on credit card portfolio management, acquisition and divestiture, for a discussion of the types of business structures available to institutions seeking to offer credit cards for the first time and the associated contractual, compliance and implementation issues. … Continue Reading
The CFPB has released its eighth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act. (The first two reports were issued by the Federal Reserve Board.)
The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with institutions of higher learning or certain affiliated organizations (such as alumni associations). … Continue Reading
The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. The Bureau’s most recent prior Supervisory Highlights report was its Summer 2017 edition, which was issued in September 2017.
On October 10, 2018, from 12 p.m.… Continue Reading
The Military Lending Act (MLA) will apply to credit card accounts starting Tuesday, October 3. The final rule took effect last October but provided a one-year exemption for “credit extended in a credit card account under an open-end (not home-secured) consumer credit plan.” Although the final rule permits the Secretary of Defense to extend the exemption for up to one year (October 3, 2018), the DoD declined to do so and is allowing the exemption to expire next week.… Continue Reading
The CFPB announced that it sent letters to “top retail credit card companies” encouraging them to use zero-interest promotions instead of deferred-interest promotions. The CFPB also provided a sample letter and published a new blog on its website for consumers to explain how deferred-interest and zero interest promotions operate and the key differences between them.… Continue Reading
The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market mandated by the CARD Act. Based on its previous biennial reviews, the CFPB issued its first and second reports to Congress in, respectively, October 2013 and December 2015.… Continue Reading
The CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21, 2011, the day on which the CFPB officially opened its doors for business. In its first and second biennial reports on the credit card market, the CFPB identified deferred interest products and rewards programs as “areas of concern” for consumers. … Continue Reading
The CFPB has issued guidance to credit card issuers regarding the resumption of the requirement to submit card agreements to the CFPB on a quarterly basis. The next submission is due on or before May 2, 2016.
In April 2015, the CFPB issued a final rule that suspended for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public database on the CFPB’s website. … Continue Reading
